Secretlab to open first experience store in Los Angeles, targets S$500 million in global revenue

详细摘要

The Singapore company also has a new tie-up with US retail giant Best Buy to have displays in 15 outlets

The Singapore company also has a new tie-up with US retail giant Best Buy to have displays in 15 outlets

[SINGAPORE] Secretlab is taking its products into US stores for the first time, as the Singapore-founded chair and desk maker sets its sights on S$500 million in global revenue.

The company – established in 2015 and best known for its gaming chairs – will open its first overseas experience store in Los Angeles on Nov 18. It is also setting up a collaboration with retail giant Best Buy to set up displays in 15 stores in nine states. (* See amendment note)

The S$500 million target is about 35 per cent higher than Secretlab’s FY2024 revenue of S$370.7 million for the year ended February 2024. It made S$34.7 million in profit that same year, according to data from the Accounting and Corporate Regulatory Authority seen by The Business Times.

Secretlab said that it has sold S$2.5 billion worth of products worldwide since it started 11 years ago, with North America contributing half of its global revenue. The company revealed that it has more than three million users around the world.

Even without a physical store there, the US is already Secretlab’s largest market, said Ian Ang, co-founder and CEO of Secretlab, in an exclusive interview with BT.

In comparison, Singapore – the only country in which Secretlab has a physical presence – accounts for less than 2 per cent of revenue.

For Secretlab, the US is around “30 times the size of Singapore”, he noted.

Among all its markets, Singapore has the “highest saturation by far”, Ang pointed out, adding that the reach extends far beyond gamers, with some law firms and even clinics using Secretlab chairs in their offices.

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